Fix and Flip Resources for Residential and Mixed Use Properties

fix and flip loans MA

Learn How to Fix and Flip Residential and Commercial Properties in Massachusetts...

Getting started with real estate fix and flip? You will need to consider the following steps:
First, know your markets! Consult a licensed real estate broker in your area to survey and produce real sales data on sales comparison in order to understand both As Is Value (AIV) and After Repair Value (ARV) before making an offer to purchase a distress residential property or mixed use property.
Second, locate an experienced general contractor with good reviews to visit the prospective property and make a good valuation on scope of work. When considering the scope of work, it entails the type of work that will renovate the property from AIV to ARV level.

Third, make an offer. Get pre-approved, submit an offer, win the bid and get started! Most lenders offer different kinds of LTV, but AVC Loan Program offers up to 75% of the after repair value. What really determines the actual offer consists of experience, credit and equity in the deal. So due diligence must be considered.
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Be prudent with the Scope of Work

Why do you need fix to rent loan? You need it to renovate distressed properties... Many new real estate investors and developers get into the trap of diversifying funds into tangent deals in the course of property rehabilitation and not putting into consideration that building material prices aren't fixed for long period of time. Therefore they end up of staying longer on a project, and pay more interests to the lender. Time is of the essence during residential and commercial property renovation. Do no diversify funds budgeted for renovation or new construction into buying golf equipment when the money is meant for building material... In the end, prices may go up, pay more interest and finally run out of funds.
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Plan your construction draws

Most experienced real estate developers plan 4 to 6 draws during construction. Therefore extending to draw process to 10 can cost up to $2,500 if each draw fee is $250. Consolidate your project in to 4 to 6 phases and request for reasonable withdrawals.
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